China Economic ReviewPeople's Bank of China (PBOC) Governor Zhou Xiaochuan said mismanaged financial institutions must be eradicated, the Shenzhen-based Securities Times reported. Zhou made the comment in a speech, which the Times reprinted, the second instance of a PBOC speech being quoted in full. Analysts said extensive media coverage of PBOC policy positions was a warning to […]
Devotion Eco-Thermal plans a new private placement. The Guangzhou, Guangdong province-based heating equipment firm plans to offer 15 million shares for which it hopes to raise US$2.5 million. The company will use the funds for expansion, including the acquisition of Guangzhou Devotion Domestic Boiler Manufacturing.
Shenzhen-based Citic Securities, China's sole listed broker, warned first-half net earnings would shrink by more than 50%, an indication, analysts said, of the industry's over-reliance on trading commissions. The news pushed the broker's share price down 5.9% by the day's close, to US$0.83. One analyst said the situation was unlikely to improve until the Shanghai […]
China Minsheng Bank announced that that a deal between shareholder China National Coal Group and US-based private equity firm Newbridge Capital was cancelled. China National Coal planned to sell its 4.8% stake in Minsheng Bank to Newbridge. Analysts said that the cancellation may have been initiated by Newbridge, suggesting the stake was too small to […]
UBS announced plans to invest US$200 million in asset management or brokerage companies in China. The firm has already invested US$600 million in equity and debt through China's Qualified Foreign Institutional Investor (QFII) scheme. Under current regulations, foreign companies are allowed to invest a maximum of US$800 million through the QFII program, a limit which […]